The housing market continues to suffer - from plummeting sales to plunging prices. But guess what? Property taxes are not suffering.
Since 2006, housing prices have fallen around 18% a year, but property taxes are rising 7% a year. The census shows between 2006 and 2008, the amount of money state and local governments collected from property taxes jumped from $364.5 billion to nearly $410 billion. Property taxes account for almost three-quarters of all the tax revenue collected by local municipalities..............................................Full Article: Source